Mumbai: In a remarkable surge, both the Sensex and Nifty achieved unprecedented highs on Friday, propelled by a robust rally in IT stocks. The BSE Sensex soared by 999.78 points, setting a fresh record at 72,720.96 during the late trading hours, while the Nifty reached a new pinnacle of 21,928.25, marking a climb of 281.05 points.
Infosys, a prominent player among Sensex firms, witnessed an impressive 8% surge following its December quarter earnings meeting market expectations. Tata Consultancy Services also rose nearly 4%, reporting an 8.2% growth in net income for the same period. Other noteworthy gainers included Tech Mahindra, Wipro, HCL Technologies, and State Bank of India.
However, Power Grid, Bajaj Finserv, UltraTech Cement, and HDFC Bank lagged behind. The BSE Information Technology index saw the most substantial gain at 4.99%, with Teck also rising over 4%.
Commenting on the market dynamics, VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that despite the absence of a positive message in the management commentary, IT stocks were likely to respond positively to the inline results from Infosys and the better-than-expected results from TCS.
On the foreign investment front, data revealed that Foreign Institutional Investors (FIIs) offloaded equities worth Rs 865 crore on Thursday. Despite this, the BSE benchmark settled at 71,721.18 with a marginal climb of 0.09%, while the Nifty closed at 21,647.20, gaining 0.13%.
—Input from Agencies